Daily analysis of Silver for November 24, 2016

The silver price ended yesterday’s trading below 16.56 levels falling under negative pressure that opens the way to the 15.49 area in the upcoming sessions. As we mentioned in our last technical update, the intraday trend has turned downwards now. Therefore, we are waiting for more negative trades for today unless the price manages to breach 16.56 and hold above it again. The EMA50 forms negative pressure that supports the suggested decline. The expected trading range for today is between the 15.80 support and the 16.56 resistance.